As of June 30, 2015, the Company had $158,934 in cash, and current liabilities exceeded current assets by $41,061,377. As of December 31, 2014, debentures in the aggregate principal amount of $13,344,990 matured, and these are now in default, as the Company negotiates a modification and extension with the creditors. In addition, in October 2014 the District Court in Indiana issued a partial summary judgment that our corn oil extraction patents are invalid; if we are unable to successfully appeal that ruling or otherwise settle the infringement matter, it would have a significant negative impact on our future cash flows.
In October 2014, the District Court in Indiana ruled in favor of the defendants in our pending patent infringement matter on their motions for summary judgment alleging that our corn oil extraction patents were invalid, including US Pat. Nos. 7,601,858 and 8,168,037. The summary judgment ruling was not final and there are additional issues in the MDL Case that can be expected to be resolved this year. We disagree with the court’s ruling and intend to mount a vigorous appeal at the appropriate time.
Bioproducts Portfolio?
KEVIN KREISLER
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Chairman, Chief Executive Officer, Chief Financial Officer &
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Chief Accounting Officer
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Date:
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September 18, 2015
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SkunK
Posts
5 comments:
0.0070 Up 0.0015(27.27%)
Obviously a spinoff that GERS investors will not see a dime from
If you think that you have heard this before -- you have! From the 2010 Annual report:
"GS AgriFuels Corporation, an inactive, wholly- owned subsidiary of the Company, holds a minority investment in ZeroPoint Clean Tech, Inc., a renewable energy technology and project development company."
Any one ever see a dime from ZeroPoint show up as revenue for GERS?
So who the hell is pumping in 4 million bucks and why?
Nobody is pumping in anything except you. GERS is broke.
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